Industries with the Biggest Decline in Exports in the US in 2024

1. Industrial Hemp Production in the US

Decline in Exports for 2024: -28.6%

As a nearly brand-new industry, the Industrial Hemp Production industry is currently in a period of explosive growth. Industrial hemp, which has become synonymous with the name hemp, is a variety of cannabis with only trace amounts of tetrahydrocannabinol (THC). With few exceptions, until 2018, hemp production was illegal in the US. However, the 2018 Farm Bill legalized hemp growing on the grounds that the hemp grown have a THC content of less than 0.3% by weight. Upon legalization, the Industrial Hemp Production industry boomed as companies rapidly entered the industry to take advantage of the high demand for hemp-based... Learn More

2. Automobile Transmission Manufacturing in the US

Decline in Exports for 2024: -16.2%

Automobile transmission manufacturers have dealt with difficult conditions in recent years. The outbreak of COVID-19 in 2020 caused the whole auto sector to plummet, as consumer spending quickly dried up and the need for transportation vanished under stay-at-home orders. The industry experienced growth as restrictions were lifted, but sky-high commodity prices pressured profit and increased the operating cost of an automobile. As supply caught up, commodity prices have steadily settled. Import penetration remained strong as the TWI continued to grow while foreign competitors were able to ramp production back up faster than their US counterparts. Altogether, industry revenue has been... Learn More

3. Medical Device Manufacturing in the US

Decline in Exports for 2024: -9.2%

Medical device manufacturing revenue has been on a decline over the past five years, falling at a CAGR of 0.6% to an estimated $49.8 billion in 2023. This includes projected marginal growth of 0.2% in 2023 alone. The decline is mainly explained by the outbreak of COVID-19 in 2020, which led to supply chain disruptions and lower trade. The strengthening US dollar has also made US-manufactured goods more expensive abroad, contributing to the reduction in the value of exports. Conversely, the increasing size of the older population has benefited the industry. The healthcare system has been adjusting to meet the... Learn More

4. Chicken Egg Production in the US

Decline in Exports for 2024: -9.1%

Over the past five years, chicken egg producers have had to contend with severe revenue volatility. While per capita egg consumption has remained stable, a severe drought across most of the United States pushed the price of feed upward. This, combined with lingering challenges from supply chain bottlenecks and highly pathogenic avian influenza (HPAI), have pushed the price of eggs upward. Widespread inflation in 2022 also contributed to surging egg prices, and while the industry benefited from an upswing in revenue that year, price spikes set the stage for plummeting prices in 2023. As a result, industry-wide revenue has dropped... Learn More

5. Sheet-Metal Roofing Manufacturing in the US

Decline in Exports for 2024: -7.2%

The Sheet-Metal Roofing Manufacturing industry fabricates roofs made from thin, flat pieces of metal, typically steel or aluminum. Sheet-metal roofs have long been popular for use in garages, industrial buildings and commercial buildings. However, metal roofs are also gaining traction in the residential market because they are highly durable (able to endure several decades with relatively little maintenance), do not burn, can resist damage from severe weather, are environmentally friendly and are easy to install and repair. Due to sustained demand from the construction markets and resilient corporate profit levels, industry revenue is expected to have grown at a CAGR... Learn More

6. Orthopedic Products Manufacturing in the US

Decline in Exports for 2024: -7.2%

The industry comprises companies that produce medical devices meant to support joints, bones and muscles. Over the past five years, this industry has benefited from the growing need for orthopedic care. This demand has particularly come from the rapidly aging population, as joint and muscle pain is a common sign of aging. Over the past five years, the rising number of adults aged 65 and older has been the most significant driver of industry revenue. Additionally, the rising adult obesity rate has further contributed to revenue growth, since obesity is a leading cause of joint problems. Over the past five... Learn More

7. E-cigarette Manufacturing in the US

Decline in Exports for 2024: -7.0%

The global e-cigarette market has been highly fragmented and dominated by independent companies; however, with the introduction of the trendy Juul device in 2015 and the boost in youth use, the E-cigarette Manufacturing industry has quickly become a rapidly growing battleground for tobacco giants to innovate industry products to capture revenue from former smokers and new customers. Significant regulatory pressure from federal bodies like the US Food and Drug Administration (FDA), the Centers for Disease Control and Prevention (CDC) and other local and state government bodies has wreaked havoc on the industry since 2019, particularly when it comes to reducing... Learn More

8. Iron Ore Mining in the US

Decline in Exports for 2024: -6.6%

Iron ore miners are highly susceptible to changes in industrial production, which is why COVID-19 wreaked havoc on this industry. Severe iron ore and steel price volatility has significantly impacted iron ore miners. Overall, industry-wide revenue has been falling at a CAGR of 1.6% over the past five years and is expected to total $5.1 billion in 2023, when revenue will plummet by an estimated 13.3%.

Iron ore miners' output has remained stable in recent years, excluding 2020, when mines and steelmakers halted production. Iron ore miners have faced severe price-based volatility over the past five years. Following mine closures in... Learn More

9. Acoustic & Electric Guitar Manufacturing in the US

Decline in Exports for 2024: -6.5%

Acoustic and electric guitar manufacturers have struggled over the five years to 2023. Because guitars are considered discretionary purchases by most, they're extremely sensitive to changes in overall economic conditions and consumer tastes. Consumers need to have solid disposable income and confidence in the economy to justify making expensive discretionary purchases, but the challenges brought on by COVID-19 and inflation left consumers hesitant to buy guitars. Consumers that were interested in guitar most often chose cheap imports, promoting the industry's competition. Because of these difficulties, industry-wide revenue has been stagnating at a CAGR of 0.0% over the past five years... Learn More

10. Coal Mining in the US

Decline in Exports for 2024: -6.1%

Coal miners faced a highly volatile operating environment over the past five years. Wildly fluctuating commodity prices, declining mine output and the gradual transition toward cleaner and less-expensive energy alternatives have constrained domestic coal demand. Also, coal mining companies suffered from severe economic and supply chain disruptions that emerged following the outbreak of COVID-19 in 2020. Despite lower output, surging coal prices enabled coal miners to rebound in the latter half of the period. Canadian coal mining revenue has been increasing at an annualized 11.3% over the past five years, including an estimated 32.3% decrease in 2023, and is expected... Learn More